Corporations want to invest in semiconductors in Vietnam: minister

By Phuong Dung   May 5, 2024 | 12:26 am PT
Corporations want to invest in semiconductors in Vietnam: minister
Minister of Planning and Investment Nguyen Chi Dung speaks at a government meeting on April 4, 2024. Photo by Vietnam Government Portal
Many major semiconductor corporations want to invest in Vietnam, Minister of Planning and Investment Nguyen Chi Dung has said.

They eye the country’s sectors of electronics, semiconductor manufacturing and renewable energy, he told a government meeting on Saturday.

"Foreign businesses and organizations continue to be upbeat about Vietnam’s growth potential," said Dung.

He added that foreign direct investment registration in Vietnam rose 73% year-on-year to $7.1 billion in the first four months of 2024.

CEO of Samsung Vietnam Choi Joo Ho said at a separate event on Saturday that Vietnam continues to show its importance in the global supply chain. Its politics, human resource and infrastructure are attracting increasing attention globally, he added.

"The country’s IT and high-tech sector are among the top interest of global businesses," he said. "High-tech companies in the world are competing for opportunities to invest in Vietnam."

The investment ministry also pointed out in its report that manufacturing was a bright spot in the economy in the first four months of the year. The Index of Industrial Production in April rose 6.3% year-on-year and 6% in the year thus far.

The workforce in the manufacturing sector expanded by 3.4% year-on-year as of April 1.

This year, the number of new companies and resuming companies rose 3% to 81,300, while those that dissolved fell 5.3% to 25,500.

Dung, however, said that challenges remain in the upcoming months to control inflation and keeping the macroeconomy stable.

Prime Minister Pham Minh Chinh ordered government bodies to simplify administrative procedures and speed up digital transformation. He also wants tax incentives to be offered to businesses and citizens.

He wanted high-tech projects to be prioritized and demanded that there is sufficient energy under all circumstance.

The consumer price index, which measures inflation, rose by 3.93% in the first four months, the PM added, saying that there is still inflation pressure. He ordered ministries to keep prices stable without making sudden adjustments.

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